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8-K - FORM 8-K - NAVIGANT CONSULTING INC | c62757e8vk.htm |
EX-99.1 - EX-99.1 - NAVIGANT CONSULTING INC | c62757exv99w1.htm |
Exhibit 99.2
NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
METRICS SUMMARY
(UNAUDITED)
METRICS SUMMARY
(UNAUDITED)
DISCLAIMER:
The Company strongly encourages investors to read its annual and quarterly filings with the
Securities and Exchange Commission (the SEC Filings), including the financial statements and risk
factors contained therein. Although certain information included in this chart is intended to be
identical to information in the SEC Filings, in the event of a conflict between information
included in the SEC Filings and in this chart, the SEC Filings should be relied upon. Other
information included in this chart represents financial metrics compiled by the Company for
internal use in analyzing certain aspects of its business (the Internal Metrics). The Internal
Metrics represent managements good faith estimates as of the date of this chart, and the Company
makes no guarantee as to either their accuracy or completeness. The Company does not undertake any
obligation to update this chart to reflect new information, future events or otherwise.
TOTAL COMPANY
All numbers in $000s except Per Share, DSO, People data and | 2010 | 2010 | 2009 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
percentages | Q4 | Q3 | Q2 | Q1 | Full Year | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | |||||||||||||||||||||||||||||||||
Revenues Before Reimbursements |
$ | 161,752 | $ | 153,222 | $ | 154,617 | $ | 153,870 | $ | 623,461 | $ | 153,051 | $ | 159,153 | $ | 157,332 | $ | 167,212 | $ | 636,748 | $ | 727,062 | ||||||||||||||||||||||
Reimbursements |
21,188 | 21,625 | 17,706 | 19,680 | 80,199 | 20,907 | 18,210 | 16,224 | 15,150 | 70,491 | 83,578 | |||||||||||||||||||||||||||||||||
Total Revenues |
182,940 | 174,847 | 172,323 | 173,550 | 703,660 | 173,958 | 177,363 | 173,556 | 182,362 | 707,239 | 810,640 | |||||||||||||||||||||||||||||||||
Y/Y Growth rate |
5 | % | -1 | % | -1 | % | -5 | % | -1 | % | -10 | % | -10 | % | -18 | % | -12 | % | -13 | % | 6 | % | ||||||||||||||||||||||
Q/Q Growth rate |
5 | % | 1 | % | -1 | % | 0 | % | N/A | -2 | % | 2 | % | -5 | % | -6 | % | N/A | N/A | |||||||||||||||||||||||||
Geographic Revenues as % of Total |
||||||||||||||||||||||||||||||||||||||||||||
U.S. Operations |
88 | % | 88 | % | 86 | % | 84 | % | 85 | % | 82 | % | 84 | % | 84 | % | 86 | % | 84 | % | 83 | % | ||||||||||||||||||||||
Non U.S. Operations |
12 | % | 12 | % | 14 | % | 16 | % | 15 | % | 18 | % | 16 | % | 16 | % | 14 | % | 16 | % | 17 | % | ||||||||||||||||||||||
Cost of Services Before Reimbursements |
111,797 | 102,368 | 102,128 | 102,230 | 418,523 | 103,766 | 100,545 | 101,967 | 110,267 | 416,545 | 444,035 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
69 | % | 67 | % | 66 | % | 66 | % | 67 | % | 68 | % | 63 | % | 65 | % | 66 | % | 65 | % | 61 | % | ||||||||||||||||||||||
General & Administrative Expenses |
31,347 | 30,789 | 29,089 | 30,460 | 121,685 | 28,142 | 32,500 | 33,513 | 34,893 | 129,048 | 155,378 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
19 | % | 20 | % | 19 | % | 20 | % | 20 | % | 18 | % | 20 | % | 21 | % | 21 | % | 20 | % | 21 | % | ||||||||||||||||||||||
EBITDA (1) |
18,608 | 20,965 | 23,400 | 21,180 | 84,153 | 19,013 | 25,238 | 17,627 | 21,752 | 83,630 | 124,976 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
12 | % | 14 | % | 15 | % | 14 | % | 13 | % | 12 | % | 16 | % | 11 | % | 13 | % | 13 | % | 17 | % | ||||||||||||||||||||||
Adjusted EBITDA (excluding other operating costs (benefit) and
severance expense) (1) |
21,201 | 21,448 | 24,407 | 22,016 | 89,072 | 25,448 | 27,653 | 23,192 | 25,059 | 101,352 | 131,909 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
13 | % | 14 | % | 16 | % | 14 | % | 14 | % | 17 | % | 17 | % | 15 | % | 15 | % | 16 | % | 18 | % | ||||||||||||||||||||||
Operating Income |
4,284 | 14,269 | 16,885 | 14,583 | 50,021 | 11,603 | 17,716 | 9,528 | 12,884 | 51,731 | 88,754 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
3 | % | 9 | % | 11 | % | 9 | % | 8 | % | 8 | % | 11 | % | 6 | % | 8 | % | 8 | % | 12 | % | ||||||||||||||||||||||
Net Income |
559 | 9,223 | 7,828 | 6,447 | 24,057 | 4,789 | 8,340 | 3,385 | 5,433 | 21,947 | 40,057 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
0 | % | 6 | % | 5 | % | 4 | % | 4 | % | 3 | % | 5 | % | 2 | % | 3 | % | 3 | % | 6 | % | ||||||||||||||||||||||
Y/Y Growth rate |
-88 | % | 11 | % | 131 | % | 19 | % | 10 | % | -58 | % | 6 | % | -66 | % | -50 | % | -45 | % | 20 | % | ||||||||||||||||||||||
Q/Q Growth rate |
-94 | % | 18 | % | 21 | % | 35 | % | N/A | -43 | % | 146 | % | -38 | % | -52 | % | N/A | N/A | |||||||||||||||||||||||||
Net Income Per Diluted Share (EPS) |
0.01 | 0.18 | 0.16 | 0.13 | 0.48 | 0.10 | 0.17 | 0.07 | 0.11 | 0.44 | 0.83 | |||||||||||||||||||||||||||||||||
Adjusted Net Income Per Diluted Share (excluding the net income
impact of other operating costs (benefit), severance expense
and non recurring foreign tax elections) (2) |
0.15 | 0.16 | 0.17 | 0.14 | 0.61 | 0.18 | 0.20 | 0.14 | 0.16 | 0.68 | 0.95 | |||||||||||||||||||||||||||||||||
Shares used in computing income per diluted share |
50,909 | 50,518 | 50,264 | 50,096 | 50,447 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||||
Balance Sheet |
||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
1,981 | 5,383 | 3,000 | 361 | 1,981 | 49,144 | 13,342 | 5,132 | 6,743 | 49,144 | 23,134 | |||||||||||||||||||||||||||||||||
Trade accounts receivable, net |
179,058 | 178,881 | 162,227 | 174,690 | 179,058 | 163,608 | 185,129 | 187,201 | 188,824 | 163,608 | 170,464 | |||||||||||||||||||||||||||||||||
Days sales outstanding (DSO) |
81 | 86 | 79 | 83 | 81 | 78 | 87 | 91 | 87 | 78 | 73 | |||||||||||||||||||||||||||||||||
Debt |
202,951 | 199,370 | 202,549 | 197,275 | 202,951 | 219,375 | 222,326 | 239,717 | 260,522 | 219,375 | 232,479 | |||||||||||||||||||||||||||||||||
Share-based compensation expense related to consulting personnel |
1,118 | 928 | 1,040 | 801 | 3,887 | 869 | 955 | 1,333 | 1,926 | 5,083 | 9,087 | |||||||||||||||||||||||||||||||||
Employee
Full Time Equivalent Data (Period End) (3) |
||||||||||||||||||||||||||||||||||||||||||||
Billable |
1,779 | 1,652 | 1,668 | 1,661 | 1,779 | 1,666 | 1,716 | 1,778 | 1,920 | 1,666 | 1,931 | |||||||||||||||||||||||||||||||||
Non-billable |
528 | 508 | 522 | 518 | 528 | 511 | 514 | 535 | 573 | 511 | 577 | |||||||||||||||||||||||||||||||||
Total |
2,307 | 2,160 | 2,190 | 2,179 | 2,307 | 2,177 | 2,230 | 2,313 | 2,493 | 2,177 | 2,508 |
(1) | EBITDA and Adjusted EBITDA are non-GAAP financial measures. See accompanying schedule for reconciliation to operating income. | |
(2) | Adjusted EPS is a non-GAAP financial measure and excludes the net income impact from other operating costs (benefit), severance expense and non recurring foreign tax elections. See accompanying schedule for further information regarding non-GAAP financial measures included in this chart. | |
(3) | Employee Full Time Equivalent Data represents full-time equivalent (FTE) employees (adjusted for part-time status). |
Page 1 of 4
SEGMENT INFORMATION (4)
All numbers in $000s except Per Share, People | 2010 | 2010 | 2009 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
data and percentages | Q4 | Q3 | Q2 | Q1 | Full Year | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | |||||||||||||||||||||||||||||||||
Business Segment Revenues |
||||||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
70,627 | 71,279 | 63,867 | 67,894 | $ | 273,667 | 72,160 | 76,010 | 76,758 | 77,496 | $ | 302,424 | $ | 356,524 | ||||||||||||||||||||||||||||||
% of Total Revenues |
39 | % | 41 | % | 37 | % | 39 | % | 39 | % | 41 | % | 43 | % | 44 | % | 43 | % | 43 | % | 43 | % | ||||||||||||||||||||||
Business Consulting Services |
78,185 | 68,894 | 71,756 | 66,250 | 285,085 | 67,419 | 65,450 | 63,393 | 73,516 | 269,778 | 329,550 | |||||||||||||||||||||||||||||||||
% of Total Revenues |
43 | % | 39 | % | 42 | % | 38 | % | 41 | % | 39 | % | 37 | % | 37 | % | 40 | % | 38 | % | 41 | % | ||||||||||||||||||||||
International Consulting |
16,046 | 16,443 | 18,078 | 20,797 | 71,364 | 21,780 | 21,279 | 19,250 | 17,303 | 79,612 | 87,673 | |||||||||||||||||||||||||||||||||
% of Total Revenues |
9 | % | 9 | % | 10 | % | 12 | % | 10 | % | 13 | % | 12 | % | 11 | % | 9 | % | 11 | % | 11 | % | ||||||||||||||||||||||
Economic Consulting |
18,082 | 18,231 | 18,622 | 18,609 | 73,544 | 12,599 | 14,624 | 14,155 | 14,047 | 55,425 | 36,893 | |||||||||||||||||||||||||||||||||
% of Total Revenues |
10 | % | 10 | % | 11 | % | 11 | % | 10 | % | 7 | % | 8 | % | 8 | % | 8 | % | 8 | % | 5 | % | ||||||||||||||||||||||
Total Company |
$ | 182,940 | $ | 174,847 | $ | 172,323 | $ | 173,550 | $ | 703,660 | $ | 173,958 | $ | 177,363 | $ | 173,556 | $ | 182,362 | $ | 707,239 | $ | 810,640 | ||||||||||||||||||||||
Business Segment Revenues Before Reimbursements |
||||||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
63,540 | 64,997 | 59,737 | 63,338 | 251,612 | 65,359 | 69,260 | 70,124 | 71,903 | 276,646 | 324,458 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
39 | % | 42 | % | 39 | % | 41 | % | 40 | % | 43 | % | 43 | % | 45 | % | 43 | % | 44 | % | 44 | % | ||||||||||||||||||||||
Business Consulting Services |
68,749 | 58,406 | 63,430 | 57,399 | 247,984 | 58,717 | 58,749 | 57,883 | 66,906 | 242,255 | 290,257 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
43 | % | 38 | % | 41 | % | 37 | % | 40 | % | 38 | % | 37 | % | 37 | % | 40 | % | 38 | % | 40 | % | ||||||||||||||||||||||
International Consulting |
12,760 | 13,231 | 14,484 | 16,145 | 56,620 | 17,512 | 17,266 | 16,067 | 15,516 | 66,361 | 76,605 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
8 | % | 9 | % | 9 | % | 11 | % | 9 | % | 11 | % | 11 | % | 10 | % | 9 | % | 10 | % | 11 | % | ||||||||||||||||||||||
Economic Consulting |
16,703 | 16,588 | 16,966 | 16,988 | 67,245 | 11,463 | 13,878 | 13,258 | 12,887 | 51,486 | 35,742 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
10 | % | 11 | % | 11 | % | 11 | % | 11 | % | 8 | % | 9 | % | 8 | % | 8 | % | 8 | % | 5 | % | ||||||||||||||||||||||
Total Company |
$ | 161,752 | $ | 153,222 | $ | 154,617 | $ | 153,870 | $ | 623,461 | $ | 153,051 | $ | 159,153 | $ | 157,332 | $ | 167,212 | $ | 636,748 | $ | 727,062 | ||||||||||||||||||||||
Segment Operating Profit (5) |
||||||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
23,733 | 26,738 | 21,585 | 25,408 | 97,464 | 25,966 | 30,025 | 28,369 | 28,234 | 112,594 | 143,870 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
37 | % | 41 | % | 36 | % | 40 | % | 39 | % | 40 | % | 43 | % | 40 | % | 39 | % | 41 | % | 44 | % | ||||||||||||||||||||||
Business Consulting Services |
22,722 | 19,817 | 23,148 | 19,017 | 84,704 | 18,881 | 21,763 | 20,332 | 23,452 | 84,428 | 115,280 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
33 | % | 34 | % | 36 | % | 33 | % | 34 | % | 32 | % | 37 | % | 35 | % | 35 | % | 35 | % | 40 | % | ||||||||||||||||||||||
International Consulting |
1,632 | 1,680 | 3,663 | 3,740 | 10,715 | 2,661 | 4,793 | 4,406 | 4,176 | 16,036 | 22,606 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
13 | % | 13 | % | 25 | % | 23 | % | 19 | % | 15 | % | 28 | % | 27 | % | 27 | % | 24 | % | 30 | % | ||||||||||||||||||||||
Economic Consulting |
4,878 | 5,585 | 6,273 | 6,296 | 23,032 | 3,402 | 5,239 | 4,888 | 4,644 | 18,173 | 14,121 | |||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
29 | % | 34 | % | 37 | % | 37 | % | 34 | % | 30 | % | 38 | % | 37 | % | 36 | % | 35 | % | 40 | % | ||||||||||||||||||||||
Total Company |
$ | 52,965 | $ | 53,820 | $ | 54,669 | $ | 54,461 | $ | 215,915 | $ | 50,910 | $ | 61,820 | $ | 57,995 | $ | 60,506 | $ | 231,231 | $ | 295,877 | ||||||||||||||||||||||
% of Revenues Before Reimbursements |
33 | % | 35 | % | 35 | % | 35 | % | 35 | % | 33 | % | 39 | % | 37 | % | 36 | % | 36 | % | 41 | % | ||||||||||||||||||||||
Other Operating Data |
||||||||||||||||||||||||||||||||||||||||||||
Average Billable Full Time Equivalent Headcount |
||||||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
616 | 627 | 642 | 647 | 633 | 701 | 716 | 764 | 810 | 747 | 820 | |||||||||||||||||||||||||||||||||
Business Consulting Services |
833 | 703 | 699 | 706 | 735 | 668 | 699 | 735 | 804 | 727 | 836 | |||||||||||||||||||||||||||||||||
International Consulting |
173 | 189 | 200 | 212 | 193 | 211 | 215 | 233 | 226 | 221 | 208 | |||||||||||||||||||||||||||||||||
Economic Consulting |
133 | 136 | 119 | 114 | 126 | 105 | 104 | 100 | 101 | 102 | 62 | |||||||||||||||||||||||||||||||||
Total Company |
1,755 | 1,655 | 1,660 | 1,679 | 1,687 | 1,685 | 1,734 | 1,832 | 1,941 | 1,797 | 1,926 | |||||||||||||||||||||||||||||||||
Average Bill Rate (excluding success fees) |
||||||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
290 | 296 | 300 | 292 | 295 | 282 | 280 | 276 | 278 | 279 | 284 | |||||||||||||||||||||||||||||||||
Business Consulting Services |
222 | 219 | 217 | 218 | 219 | 223 | 215 | 210 | 219 | 216 | 223 | |||||||||||||||||||||||||||||||||
International Consulting |
288 | 280 | 259 | 263 | 271 | 267 | 259 | 239 | 233 | 248 | 294 | |||||||||||||||||||||||||||||||||
Economic Consulting |
382 | 375 | 385 | 367 | 377 | 342 | 347 | 344 | 343 | 344 | 332 | |||||||||||||||||||||||||||||||||
Total Company |
267 | 267 | 266 | 264 | 266 | 260 | 255 | 250 | 252 | 254 | 260 | |||||||||||||||||||||||||||||||||
Average Utilization (based off 1,850 hrs) |
||||||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
74 | % | 72 | % | 69 | % | 75 | % | 72 | % | 75 | % | 74 | % | 72 | % | 73 | % | 74 | % | 78 | % | ||||||||||||||||||||||
Business Consulting Services |
79 | % | 79 | % | 81 | % | 80 | % | 80 | % | 79 | % | 79 | % | 75 | % | 77 | % | 77 | % | 80 | % | ||||||||||||||||||||||
International Consulting |
55 | % | 54 | % | 60 | % | 65 | % | 58 | % | 67 | % | 68 | % | 61 | % | 67 | % | 66 | % | 69 | % | ||||||||||||||||||||||
Economic Consulting |
72 | % | 69 | % | 76 | % | 90 | % | 76 | % | 76 | % | 81 | % | 87 | % | 85 | % | 82 | % | 96 | % | ||||||||||||||||||||||
Total Company |
74 | % | 73 | % | 73 | % | 77 | % | 74 | % | 76 | % | 76 | % | 73 | % | 75 | % | 75 | % | 79 | % |
(4) | During the first quarter of 2010, the Company made organizational changes in its business which resulted in the formation of additional operating segments and the repositioning of certain service offerings between the segments. Prior year comparative segment data has been restated to be consistent with the current presentation. | |
(5) | Segment Operating Profit is a measure of profit used by management and excludes certain expense amounts not allocated to the specific reporting segments. |
Page 2 of 4
NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
RECONCILIATION OF NON GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(UNAUDITED)
RECONCILIATION OF NON GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(UNAUDITED)
Non-GAAP Financial Information
This metrics summary includes certain
non-GAAP financial measures as defined by the
Securities and Exchange Commission.
Reconciliations of these non-GAAP financial
measures to the most directly comparable
financial measure calculated and presented in
accordance with generally accepted accounting
principles (GAAP) are included in this
summary. During 2009, the Company incurred
significant severance expense as staffing
levels were adjusted to market demand and
Navigant executed its strategic refresh
initiative involving the redeployment of
certain resources. The Company also
continues to be impacted by office
consolidation costs and benefits due to its
real estate initiatives including the impact
of closing certain offices and changes in
market conditions associated with expected
sublease proceeds. During the quarter ended
September 30, 2010, the Company recorded a
non recurring benefit from a tax election
related to certain of its foreign entities.
During the quarter ended December 31, 2010
the Company recorded an impairment on its
intangible assets relating to its
International Consulting segment. Adjusted
EBITDA and adjusted operating income excludes
the impact of other operating costs (benefit)
and severance, and adjusted earnings per
share excludes the net income impact of other
operating costs (benefit), severance and the
non recurring benefit from a tax election
related to certain of the Companys foreign entities in
all periods presented. Severance and other
operating costs (benefit) are not considered
to be non recurring, infrequent or unusual to
the Companys business, however, management believes
providing investors with this information
gives additional insights into Navigants
operating performance. Although the
intangible assets impairment previously
discussed has not historically been as
frequent as severance and office
consolidation costs, we have substantial
intangible assets which could become impaired
in the future. While management believes that
these non-GAAP financial measures are useful
in evaluating Navigants operations, this
information should be considered as
supplemental in nature and not as a
substitute for, or superior to, any measure
prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA
EBITDA (earnings before interest, taxes, depreciation and amortization) is not
a measure of financial performance under GAAP. The Company believes EBITDA provides useful supplemental
information for investors to evaluate financial performance. This data is also
used by the Company for assessment of its operating and financial results, in
addition to operating income, net income and other GAAP measures. Management
believes EBITDA is a useful indicator of the Companys financial and operating
performance and its ability to generate cash flows from operations that are
available for interest, debt service, taxes and capital expenditures.
Investors should recognize that EBITDA might not be comparable to
similarly-titled measures of other companies. Adjusted EBITDA excludes the
impact of other operating costs (benefit) and severance as discussed above.
This measure should be considered as supplemental in nature and not as a
substitute for, or superior to, any measure of performance prepared in
accordance with GAAP.
2010 | 2010 | 2009 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||||||
Q4 | Q3 | Q2 | Q1 | Full Year | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | ||||||||||||||||||||||||||||||||||
Operating Income |
$ | 4,284 | $ | 14,269 | $ | 16,885 | $ | 14,583 | $ | 50,021 | $ | 11,603 | $ | 17,716 | $ | 9,528 | $ | 12,884 | $ | 51,731 | $ | 88,754 | ||||||||||||||||||||||
Depreciation |
3,575 | 3,528 | 3,553 | 3,801 | 14,457 | 4,288 | 4,352 | 4,320 | 4,640 | 17,600 | 17,302 | |||||||||||||||||||||||||||||||||
Accelerated depreciation - office closures included in other operating costs (benefit) |
| | | | | 175 | 115 | 387 | 608 | 1,285 | 2,534 | |||||||||||||||||||||||||||||||||
Amortization |
3,442 | 3,168 | 2,962 | 2,796 | 12,368 | 2,947 | 3,055 | 3,392 | 3,620 | 13,014 | 16,386 | |||||||||||||||||||||||||||||||||
Intangible assets impairment |
7,307 | | | | 7,307 | | | | | | | |||||||||||||||||||||||||||||||||
EBITDA |
18,608 | 20,965 | 23,400 | 21,180 | 84,153 | 19,013 | 25,238 | 17,627 | 21,752 | 83,630 | 124,976 | |||||||||||||||||||||||||||||||||
Add: |
||||||||||||||||||||||||||||||||||||||||||||
Other operating costs (benefit): |
||||||||||||||||||||||||||||||||||||||||||||
Office consolidation (excluding depreciation above) |
| (900 | ) | | | (900 | ) | 2,130 | 870 | 4,225 | 300 | 7,525 | 2,673 | |||||||||||||||||||||||||||||||
Severance expense |
2,593 | 1,383 | 1,007 | 836 | 5,819 | 4,305 | 1,545 | 1,340 | 3,007 | 10,197 | 4,260 | |||||||||||||||||||||||||||||||||
Adjusted EBITDA (excluding other operating costs (benefit) and severance expense) |
21,201 | 21,448 | 24,407 | 22,016 | 89,072 | 25,448 | 27,653 | 23,192 | 25,059 | 101,352 | 131,909 | |||||||||||||||||||||||||||||||||
General and administrative expenses |
31,347 | 30,789 | 29,089 | 30,460 | 121,685 | 28,142 | 32,500 | 33,513 | 34,893 | 129,048 | 155,378 | |||||||||||||||||||||||||||||||||
Long term compensation expense related to consulting personnel (including share based compensation) |
3,010 | 2,966 | 2,180 | 2,821 | 10,977 | 1,625 | 3,212 | 2,630 | 3,561 | 11,028 | 12,850 | |||||||||||||||||||||||||||||||||
Severance expense added above |
(2,593 | ) | (1,383 | ) | (1,007 | ) | (836 | ) | (5,819 | ) | (4,305 | ) | (1,545 | ) | (1,340 | ) | (3,007 | ) | (10,197 | ) | (4,260 | ) | ||||||||||||||||||||||
Total Segment Operating Profit |
$ | 52,965 | $ | 53,820 | $ | 54,669 | $ | 54,461 | $ | 215,915 | $ | 50,910 | $ | 61,820 | $ | 57,995 | $ | 60,506 | $ | 231,231 | $ | 295,877 | ||||||||||||||||||||||
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Adjusted earnings per share (adjusted to exclude the net income impact from other operating costs (benefit), severance expense and non recurring foreign tax elections)
The Company discloses adjusted earnings per share to exclude the net income impact from other operating costs (benefit), severance expense and non recurring foreign tax elections as discussed above. Management believes the adjusted earnings per share information provides additional insights into Navigants ongoing operating
performance. This measure should be considered as supplemental in
nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
2010 | 2010 | 2009 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||||||
Q4 | Q3 | Q2 | Q1 | Full Year | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | ||||||||||||||||||||||||||||||||||
Other
operating costs (benefit) - office consolidation |
$ | | $ | (900 | ) | $ | | $ | | $ | (900 | ) | $ | 2,305 | $ | 985 | $ | 4,612 | $ | 908 | $ | 8,810 | $ | 5,207 | ||||||||||||||||||||
Income tax (benefit) (6) |
| 363 | | | 363 | (930 | ) | (397 | ) | (1,860 | ) | (366 | ) | (3,553 | ) | (2,100 | ) | |||||||||||||||||||||||||||
Net income
impact of other operating costs (benefit) - office consolidation |
$ | | $ | (537 | ) | $ | | $ | | $ | (537 | ) | $ | 1,375 | $ | 588 | $ | 2,752 | $ | 542 | $ | 5,257 | $ | 3,107 | ||||||||||||||||||||
Shares used in computing income per diluted share |
50,909 | 50,518 | 50,264 | 50,096 | 50,447 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||||
Diluted income per share impact of other operating costs (benefit) - office consolidation |
$ | | $ | (0.01 | ) | $ | | $ | | $ | (0.01 | ) | $ | 0.03 | $ | 0.01 | $ | 0.06 | $ | 0.01 | $ | 0.11 | $ | 0.06 | ||||||||||||||||||||
Other operating costs (benefit) - intangible assets impairment |
$ | 7,307 | $ | | $ | | $ | | $ | 7,307 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||||||||
Income tax (benefit) (6) |
(1,991 | ) | | | | (1,991 | ) | | | | | | ||||||||||||||||||||||||||||||||
Net income impact of other operating costs (benefit) - intangible assets impairment |
$ | 5,316 | $ | | $ | | $ | | $ | 5,316 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||||||||
Shares used in computing income per diluted share |
50,909 | 50,518 | 50,264 | 50,096 | 50,447 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||||
Diluted income per share impact of other operating costs (benefit) - intangible assets impairment |
$ | 0.10 | $ | | $ | | $ | | $ | 0.11 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||||||||
Severance expense |
$ | 2,593 | $ | 1,383 | $ | 1,007 | $ | 836 | $ | 5,819 | $ | 4,305 | $ | 1,545 | $ | 1,340 | $ | 3,007 | $ | 10,197 | $ | 4,260 | ||||||||||||||||||||||
Income tax (benefit)(6) |
(1,020 | ) | (415 | ) | (371 | ) | (322 | ) | (2,128 | ) | (1,442 | ) | (480 | ) | (497 | ) | (1,170 | ) | (3,589 | ) | (1,512 | ) | ||||||||||||||||||||||
Net income impact of severance expense |
$ | 1,573 | $ | 968 | $ | 636 | $ | 514 | $ | 3,691 | $ | 2,863 | $ | 1,065 | $ | 843 | $ | 1,837 | $ | 6,608 | $ | 2,748 | ||||||||||||||||||||||
Shares used in computing income per diluted share |
50,909 | 50,518 | 50,264 | 50,096 | 50,447 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||||
Diluted income per share impact of severance expense |
$ | 0.03 | $ | 0.02 | $ | 0.01 | $ | 0.01 | $ | 0.07 | $ | 0.06 | $ | 0.02 | $ | 0.02 | $ | 0.04 | $ | 0.13 | $ | 0.06 | ||||||||||||||||||||||
Net income |
$ | 559 | $ | 9,223 | $ | 7,828 | $ | 6,447 | $ | 24,057 | $ | 4,789 | $ | 8,340 | $ | 3,385 | $ | 5,433 | $ | 21,947 | $ | 40,057 | ||||||||||||||||||||||
Net income impact of other operating costs (benefit) - office consolidation |
| (537 | ) | | | (537 | ) | 1,375 | 588 | 2,752 | 542 | 5,257 | 3,107 | |||||||||||||||||||||||||||||||
Net income impact of other operating costs (benefit) - intangible assets impairment |
5,316 | | | | 5,316 | | | | | | | |||||||||||||||||||||||||||||||||
Net income impact of severance expense |
1,573 | 968 | 636 | 514 | 3,691 | 2,863 | 1,065 | 843 | 1,837 | 6,608 | 2,748 | |||||||||||||||||||||||||||||||||
Non recurring foreign tax elections |
| (1,751 | ) | | | (1,751 | ) | | | | | | | |||||||||||||||||||||||||||||||
Adjusted net income, excluding the net income impact of other operating costs (benefit),
severance expense and non recurring foreign tax elections |
$ | 7,448 | $ | 7,903 | $ | 8,464 | $ | 6,961 | $ | 30,776 | $ | 9,027 | $ | 9,993 | $ | 6,980 | $ | 7,812 | $ | 33,812 | $ | 45,912 | ||||||||||||||||||||||
Shares used in computing income per diluted share |
50,909 | 50,518 | 50,264 | 50,096 | 50,447 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||||
Adjusted earnings per share, excluding the net income impact of other operating costs (benefit),
severance expense and non recurring foreign tax elections |
$ | 0.15 | $ | 0.16 | $ | 0.17 | $ | 0.14 | $ | 0.61 | $ | 0.18 | $ | 0.20 | $ | 0.14 | $ | 0.16 | $ | 0.68 | $ | 0.95 | ||||||||||||||||||||||
(6) | Effective income tax (benefit) has been determined based on specific tax jurisdiction. |
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